The U.S. Department of Labor has filed a lawsuit against Nationwide Supply Inc., under operation as Business Outfitters in Cheyenne, Wyo., as well as Guy Baldino, the company's president and owner, for not depositing employee contributions into the company's pension plan, which violates the Employee Retirement Income Security Act.

This suit comes after an investigation by the Kansas City Regional Office of the department's Employee Benefits Security Administration.

"The money withheld from these workers for their retirement savings belongs to them and may not be diverted or used for other purposes," says James Purcell, EBSA's regional director in Kansas City. "We are seeking the recovery of all of these employees' hard-earned money, so it can support them in their later years."

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.